Lession 2: Opportunity

Question 1

VALUE PROPOSITION

what is it

Answer 1

Description of the benefits that customers might expect from a product

Question 2

Why is value proposition important

Answer 2

• Helps you understand what customers really value.
• Helps you avoid building something no one wants (product-market fit).
• Reduces commercial risk and development cost.

Question 3

Value proposition canvas

Answer 3

The Value Proposition Canvas is a strategic tool that helps entrepreneurs deeply understand their customers and design products or services that truly meet their needs. It is divided into two main parts: Value Proposition and consumer segment.

The customer segment includes three elements
* customer jobs - what customer needs to get done (basic needs, functional jobs, social jobs, emotional jobs)
* gains - benefits customer expects (cost reduction, emotional feeling, expectations, social fit)
* pains - negative emotions and risks (fears, errors, costs, barriers)

On the other side, the value map describes how the product or service provides value by:
* Pain relievers (how it reduces or removes customer pains),
* Gain creators (how it delivers desired outcomes or exceeds expectations), and
* Products and services offered

Question 4

How to choose a target

3 type of questions

Answer 4

1. Potential Customer – Is there real demand?
2. Strategic Interest – Is this a smart first market?
3. Founder Fit – Am I the right person for this market?

Question 5

TOTAL ADRESSABLE MARKET (TAM)

Answer 5

• Total Market
• Volume of the business opportunity
  (money)
• Total demand or volumen of an industry.

Question 6

What are two possible calculations of TAM (Total adressable market?)

Answer 6

• Top-down (studies and reports by public institutions, consultancy firms…)
• Bottom-up (from reality and demographic variables)

Question 7

What is toolbox for choosing a target?

Answer 7

• Problem interviews
• Buyer persona
• Empathy map

Question 8

What is a PROBLEM INTERVIEW?

Answer 8

“Interview with early adopters, of 30 minutes max focused on the Customer and her vision of the world

• To validate: problem-solution fit
• To value: how big is the problem, who suffers it and what are the current solutions

Question 9

PROBLEM INTERVIEW SCRIPT

Answer 9

1st) Welcome
2nd) Collect demographics
3rd) Problem context
4th) Experience and client validation
5th) Customer’s worldview
6th) Wrapping up
7th) Document results

Question 10

What is a BUYER PERSONA?

Answer 10

A buyer persona is a detailed description of someone who represents your target segment. This persona is fictional but based on deep research of your existing or desired customer base.
* Client’s vision: to get to know him
* To better connect: channels and messages.

Question 11

How to create a BUYER PERSONA?

Answer 11

1. Data gathering: public and current users(ownorcompetitor’s)through social networks (FB, audience insights…) Google (trends and analytics), Events…
2. To identify common ítems: to detect different unique personalities in the initial target market.
3. Persona: name, age, gender, employment, incomes, localization, studies, interests, challenges, life cycle (in B2B, size, departments involved, decission center… )

Question 12

What is an EMPATHY MAP?

Answer 12

“Detailed and specific description of the end user”.
* Client’s vision: to get to know him
* To better connect: channels ans messages.